The national economy has shown a 2.9% growth in the second quarter of 2024 compared to the same period last year, up from a 2.5% increase in the first quarter. This expansion has been driven by a stronger domestic demand, bolstered by a positive calendar effect on consumer spending. Looking ahead, economic growth is expected to reach 3.2% in the third quarter of 2024, reflecting increased support from demand for manufacturing industries and hospitality services.
After a slow start to the year, the national GDP growth accelerated in the second quarter of 2024, reaching an annual rate of 2.9%. This momentum was primarily due to improvements in both secondary and tertiary sectors. The beginning of the year was marked by a noticeable slowdown in manufacturing industries, leading to moderate growth across non-agricultural activities. However, the recovery of other secondary sectors and the strengthening of market services in the second quarter of 2024 have restored non-agricultural growth to pre-COVID-19 dynamics of around 3.7%.
The initial months of 2024 saw a significant deceleration in the manufacturing sector, which set a moderate growth path for the non-agricultural economy as a whole. Despite this, the second quarter brought a resurgence in production across various secondary industries and a robust performance in commercial services. This resurgence has played a crucial role in lifting the growth rates of non-agricultural activities back to their pre-crisis levels.
With the positive momentum from the second quarter, the economic outlook for the third quarter of 2024 remains optimistic. The expected growth rate of 3.2% will be driven by sustained demand in the manufacturing sector and a continued rise in hospitality services. This forecast suggests a stronger economic performance as the year progresses, supported by increased consumer spending and industrial activity.
